Facebook has paid record fines to the Federal Trade Commission over the past two years, suspended Donald Trump’s accounts, and asked a whistleblower to testify in Congress about his negative impacts on the United States. But the business and other social media continue to grow faster than expected. .
Nothing seems to bother Facebook. The Menlo Park-based company changed its corporate name to Meta on Thursday October 28, just days after a series of stories surrounding the Facebook papers. Newspapers – over 10,000 pages of internal drafted documents obtained by several media outlets, including The Associated Press – shed light on the company’s approach to disinformation and moderation of hate speech.
On Monday, October 25, Facebook whistleblower Frances Haugen testified before British lawmakers about how the company has devoted few resources to stop the spread of false information on several topics such as the 2020 presidential election and COVID vaccines -19.
The social media giant is nothing new to the scandal. He paid a record $ 5 billion fine in 2019 to the FTC for allegations that it deceived users about their ability to control the privacy of their personal information.
Facebook said its net income increased 17% in the July-September period to $ 9.19 billion, supported by strong advertising revenue. This is against 7.85 billion dollars a year earlier. Revenue increased 35% to $ 29.01 billion. The results exceeded analysts’ expectations.
On Monday October 25, after Haugen testified in London, Facebook said: “While we have rules against harmful content and regularly publish transparency reports, we agree that we need regulation for the whole. sector so that companies like ours do not make these decisions. on our own. “
Facebook said it has invested $ 13 billion in safety and security since 2016, saying it has “almost halved” the number of hate speech in the past three quarters.
The world’s population was estimated at around 7.83 billion in January. There are now 4.20 billion social media users worldwide. That figure has grown by 490 million (up 13%) in the past year.
It is estimated that 53% of the world’s population uses social media and 35.6% uses Facebook.
According to a 2021 Pew Research Center survey, 81% of Americans say they use YouTube. The second most used platform was Facebook at 69%.
Sources: Facebook, BusinessInsider, The Associated Press, The Guardian, Time magazine, Slate, TechCrunch, Computerworld, NASDAQ.com, Wearesocial.net, The Pew Research Center
Researcher Charles Apple contributed to this report.